The report highlighted that the Lazarus group hackers conduct their illicit activities through various active accounts on Binance, passing through funds linked with illegal acts, including vulnerating the Eterbase exchange and the Ronin network.
Newly released reports highlight that North Korea-based hacker organization Lazarus Group managed to channel many crypto assets through the international exchange Binance.
Funds Collected by the Lazarus Group passed through Binance
A report revealed by the Reuters news agency highlighted this event. At least $2.35 billion in crypto funds connected to the Lazarus group went through Binance, with assets mainly related to hacking attacks, fraud, drug sales, and other criminal activities.
The investigation indicates that the Lazarus Group directed Binance funds from the hack of Eterebase, the Slovenia-based crypto exchange and that in 2020 it lost at least $5.4 million after a security flaw.
The report also indicates that the Lazarus Group employed encrypted email addresses and opened 20 accounts or more on the network led by Changpeng Zhao (CZ). They exchanged the extracted assets and eradicated every distinct trace linked to the stolen funds.
The Lazarus Group was also orchestrating the attack on the Ronin network by the Sky Mavis group, the main responsible for the famous Blockchain game Axie Infinity, from which they managed to extract more than USD 600 million through the bridge that connects with Ethereum.
Binance Gave Support and Co-operated with the Authorities
Regarding the malicious acts made by the Lazarus Group, Binance representatives expressed that they have been working in parallel with the authorities precisely to capture the hackers. Proof of these actions is the blocking of part of the funds extracted from the Ronin network, with which they managed to suspend at least USD 5.8 million connected to the malicious activity.
According to Binance spokesman Patrick Hillman, many members of the Binance team got involved in the investigation and they proactively share intelligence with authorities to generate a complete map of North Korea’s modus operandi.
Regarding the acts carried out against Eterbase, the Binance team explained once more that they have been operating simultaneously with officials to bring all the required information that helps capture those responsible.
Bad Times for Binance
The remarks made by the investigation come at an extremely stressful time for Binance, as recently revealed reports highlighted that the US Securities and Exchange Commission (SEC) is currently investigating the exchange for the presale of the BNB token launched back in 2017.
In addition to the SEC investigation, Binance would be under the magnifying glass of the Internal Revenue Service (IRS) and the Commodity Futures Trading Commission on the assumption that the exchange allowed US residents to negotiate digital assets through its network before the official launch of Binance in The United States of America.
By: Jenson Nuñez
